Whether it was the high temperatures or the high season for property buyers, most of the eight open houses I visited on the Upper West Side today had very good traffic and generally had sharply reduced or realistic prices. Maybe, too, it was the street fair running north from 96th Street to Morningside Heights that boosted traffic.
One especially busy apartment was a small and otherwise modest penthouse with a 1,500-sf terrace that had its price cut from $499,000 to $399,000. The views in three directions are open and sunny, the kitchen is small and barely serviceable, and the bedroom represents a tight fit. So what’s the catch? The maintenance: $1,769, attributable to that big terrace.
Interestingly, the broker is marketing the property by saying that all offers over $399,000 will be considered. That’s a novel strategy; it signals buyers that low-ball offers will not work and it brings in buyers who might not bother looking at a higher-priced property. I, for one, think that’s shrewd marketing in today’s environment.
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022